Marketing

Term: The process of creating, distributing, promoting and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.

Product Variable

Price Variable

Term: Part of the marketing mix. A variable that relates to decisions and actions associated with establishing pricing objectives and policies. Relates to determining product prices. Determines the value of the exchange.

Distribution Variable

Term: Part of the marketing mix. Variable that used to be "Place." Makes products available in quantities desired. Minimizes costs of inventory, transportation, and storage. Select/motivate intermediaries. Establish/maintain inventory control. Develop/manage transportation and storage systems.

Promotion Variable

Term: Part of the marketing mix. Variable that informs individuals or groups about the organization and its products/services. Advertising, public relations, personal selling, promotions, street teams, viral marketing.

The Marketing Concept

Term: a management philosophy that an organization should try to provide products that satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals.

Value

B

Marketing is the process of:
A) Promoting products through personal selling and advertising to develop and maintain favorable relationships with customers and stakeholders.
B) Creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.
C) Delivering a standard of living to a society.
D) Creating, distributing, promoting, and pricing goods, services, and ideas to facilitate the achievement of the firm's objectives.
E) Focusing on customers' needs.

Marketing Plan

Competitive Advantage

Term: the result of a company's matching a core competency (superior skill or resources) to opportunities in the marketplace. E.g. cheaper, more widely available, stronger service support, higher quality. Example: Patagonia.

Corporate Identity

Corporate Strategy

Term: a strategy that determines the means for utilizing resources in the various functional areas to reach the organizations goals. Functional areas include marketing, production, finance, R&D, and human resources.

Intended Strategy

Realized Strategy

C

The marketing plan is:
A) A plan of all aspects of an organization's business strategy.
B) Written differently for each SBU.
C) A written document detailing activities to be performed to implement and control marketing actions.
D) Designed to specify not only marketing, but all other functional areas to business activities as well.
E) Updated only periodically.

Mission Statement

Cash Cow

Quiz Question: It is seen that Super Mario Bros. is constantly re-releasing the old titles of the Super Mario series because of its high demand. It can be said that, Super Mario series belong to the _____ _____ business category of the BCG matrix.

B

B

All companies have a responsibility to _____ so they can provide a return on investment to their owners and investors, create jobs for the community, and contribute goods and services to the economy.
A) Offer the lowest price.
B) Be profitable.
C) Obey their customers.
D) Provide the largest selection possible.
E) Pay employees more than minimum wage.

Ethical; Social Responsibility

Quiz Question: _____ relates to individual and group decisions - judgements about what is right and wrong in a particular decision making situation and _____ deals with the total effect of marketing decisions on society.

Descriptive Research

Experimental Research

Term: Type of research that allows marketers to make casual inferences about relationships. Provides strong evidence of cause and effect. Need a dependent variable and independent variable(s) in order to set-up research project.

Decision

C

Marketing research is a process designed to gather information:
A) Exclusively about a company's customers.
B) From the company's database.
C) Not currently available to decision makers.
D) About the needs and desires of employees.
E) Concerning the interpretation of the company's sales goals.

Changing

E

To find a target market, a firm can use the:
A) Total market strategy and the undifferentiated strategy.
B) Product differentiation strategy and the customer differentiation strategy.
C) Demographic strategy and the psycho-graphic strategy.
D) Socioeconomic strategy and the psychological strategy.
E) Undifferentiated strategy, the concentrated strategy, and the differentiated strategy.

Roles

Culture

Term: The accumulation of values, knowledge, beliefs, customs, objectives, and concepts that a society uses to cope with its environment and passes on to future generations. Tangible items such as food, clothing, furniture, buildings, and tools. Intangible items such as education, welfare, and laws.

Subcultures

Term: Groups of individuals whose characteristic values and behavior patterns are similar and different from those of the surrounding culture. Usually based on geographic designations and demographic factors.

Routine Response Behavior

Business Markets

Term: Individuals, organizations, or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations. Also called business to business markets. Similar to marketing to consumer markets, but with some essential differences.

Government Markets

Institutional Markets

Term: Organizations with charitable, educational, community, or other non-business goals. Members include churches, hospitals, charitable organizations and private colleges. Markets may use special techniques to target them.

North American Industrial Classification System (NAICS)

D

In business markets, individuals or groups purchase products for one of three purposes. These purposes are
A) Resale, wholesale, and direct use.
B) Wholesale, direct use, and use in producing other products.
C) Resale, wholesale, and use in producing other products.
D) Resale, direct use in producing other products, and use in general daily operations.
E) Use in general daily operations, wholesale, and resale.

A

Many suppliers and their customers invest time and resources to build and maintain mutually beneficial relationships which are often called:
A) Partnerships.
B) Co-ops.
C) Monopolies.
D) Reciprocity.
E) Alliances.